New York's Statewide Home Sales Slow in Early 2019

According to the New York State Association of Realtors, the median home sales price in New York State continued to rise in February 2019, increasing 9.8-percent from this time last year. The $280,000 median sales price last month is the highest for a month since January 2007 when the median sales price stood at $290,000.

Though pending sales decreased 1.5-percent to 8,915 units compared to the same time last year, they are up 1.3-percent year-to-date to 17,460. Closed sales were down 9-percent to 7,080 from February of 2018.

Looking forward, there are encouraging signs for home owners. According to Freddie Mac, the rate for a 30-year fixed rate mortgage dropped for the third consecutive month to 4.37-percent. This is the lowest rate since February 2018 when it was 4.33-percent.

A total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008.

According to the Mortgage Bankers Association's latest Commercial and Multifamily Mortgage Debt Outstanding quarterly report for 2018, the level of commercial and multifamily mortgage debt outstanding in the U.S. at the end of 2018 was $216 billion (6.8 percent) higher than at the end of 2017.

According to the latest National Association of Home Builders/Wells Fargo Housing Market Index, U.S. builder confidence in the market for newly-built single-family homes held steady at 62 in March 2019.